ADA seems steady after slight recovers from its fall towards the vital $1 level due to the sell-off that dominated the crypto atmosphere over the last sessions. While writing this content, ADA/USD trades near $1.17.
You probably know about the recent turmoil that the cryptocurrency industry had over the past few months. Cardano and other digital coins saw massive drops after the bullish run that started at the end of 2020. Among the many factors contributing to the market crash is China’s stiffer move on crypto trading and mining undertakings. Keep in mind that most digital coins traded on their record highs around April this year before the Chinese crypto moves. Moreover, the cryptocurrency market saw increased pressure as various nations warn about the asset’s unpredictable and volatile nature. Various governments aim to regulate the crypto market at the moment.
Cardano had some backing after the cryptocurrency market crash because of its anticipated developments. For now, its network receives a boost from its upcoming update designed to facilitate ‘smart’ contract functionalities on the platform. With this crucial feature, the coin’s blockchain will compete with ETH, removing some of its shine in the decentralized finance (DeFi) space.
Also read:As much as retail investors remain wary about the crypto purchase game at the moment, institutions seem to have increased interest in digital assets. Recently, Coindesk reported that the Bank of America’s prime brokerage platform started to clear and settle crypto ETPs for hedge funds based in Europe. Such developments might ensure market positivity and potentially cool the current cryptocurrency selling pressure.
Vital Levels to Watch
The UDA/USD’s 4-Hr chart indicates bullishness dominating the Cardano market. The 10 and 20 SMA and the MACD showcase bullish moves in store for Cardano’s ADA. Though, other moving averages denote seller presence as well.
Cardano has its price beneath the pivot level at $1.23. However, the asset manages to hold over the support that lies at $1.09. With increased selling pressure, the crypto would dip below to test the support around $1.01.
On the other side, magnified buying interest might take the asset’s price higher, above its pivot level, testing the resistance near $1.31.
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